One such theory is the Maslow’s hierarchy of needs proposed by Abraham Maslow. Their motivational theory is largely based on a hierarchy of needs. These hierarchical levels can be defined into lower to higher levels as shown in the figure below: Figure 1: Maslow’s Hierarchy of Needs (Source: Phinney & Halstead, 2003, p.15) Marketers can use this theory in conducting market research about consumer behaviour of a target market audience. It is a well known fact that a successful product is largely one that can satisfy the needs and wants of the customers. Hence marketers spend considerable time and resources towards trying to figure out the demands of the customers. The model of hierarchy shows that only when the needs in the lower part of the pyramid are fulfilled the individuals are motivated to fulfil the next level. Marketers can therefore use this model to predict the needs and wants and also use surveys to find out the level of the needs that are being satisfied by the present product offering. Adequate motivation can be provided in the form of innovative advertising strategies so as to motivate individuals to move to the next level of hierarchy. An example in this regard is the computers. Initially computers were desktop based devices and thus fulfilled the basic needs of computing, however as the basic needs of individuals got fulfilled they wanted more value from the products. The arrival of laptops and now tablets is a classic example of how this motivational theory can be used by marketers to gain competitive advantage. Question 2 Choose a product and explain how the market for that product could be segmented. One of the most useful and highly innovative products is the tablet PC. The tablet PC is actually a modification of the laptop and is much smaller in size but has advanced functions and can be very well used as a mobile computing device. The market for tablet PC can be segmented on the basis of price as well as quality. In the current situation a tablet PC would be designed that would have optimal functions and same looks but would be priced on a lower level. The market for tablet PC’s can be segmented on the basis of income levels and age. The low cost tablet would be specifically targeted for the student segment. The product features of the product would be such that it would tend to satisfy all the needs of students with regards to using such devices in their educational needs. It will not carry advanced features like 3G or other high end graphics that are essentially not required for students in their educational activities. The product would come at a very low price tag of only 40 US dollars. The above stated segmentation strategy can largely be stated to be price and need based segmentation of the market. In the case highlighted above the product is segmented for lower income group individuals with a specific need. In this case students perfectly fall into this segment. Other than this there are statistical techniques and tools like cluster analysis and factor analysis that can be used by marketers as a marketing research tool. Gathering real and live data from the market can help generate even better analysis and results and help generate competitive advantage in the market. Part 2 The environment The market environment is perhaps a very important area for marketers. Any organization is largely
Principles of Marketing for Business Table of Contents Principles of Marketing for Business 1 Table of Contents 2 Part 1 3 Question 1 3 Question 2 4 Part 2 5 The environment 5 Pricing 6 Questionnaire Design 6 The Product 7 References 8 Part 1 Question 1 Explain one motivation theory and show how an understanding of it could be of use to a marketer…
Marketing helps to create both consumers and producers satisfaction through exchange activities. Marketing approaches enables marketers to avail commodities which are required by consumers at specific place cost effectively. This enables companies to generate revenue for sustaining production activities and design approaches to sustain their clients (Fuller, 1997, p.14).
The company uses different marketing strategies to market its products to different people. Elements of the marketing mix such as price, place, promotion and product are very important when marketing a particular product. These aspects shape the people’s perceptions towards a certain product.
Effective new product differentiation and business diversification strategy helped the organization to increase its market share and brand value. The essay will develop a consultant report for Coca Cola in which the competitive position of the organization and organization’s implemented marketing strategy will be evaluated.
Social Factors 9 D. Technological Factors 9 V. Segmentation 9 VI. Buyer Behavior, Pricing 10 Works Cited 11 I. Introduction This paper examines key marketing principles applied to a real company, in this case Nike. Included is a discussion of the 4Ps of marketing for Nike, marketing costs and kinds of activities tied to marketing, PEST analysis, targeting and segmentation methods/strategies, effect of buyer behavior on Nike marketing and sales strategies, pricing and how that reflects on market realities and Nike's business objectives, and the role of promotions in the marketing mix for Nike (Mind Tools; Ettenson, Conrado and Knowles; Ehrnke et al.).
t is fundamentally inspired by the vision of the company to generate a better life of the individuals or the customers by delivering unique and inclusive furnishing products at reasonable prices (Inter IKEA Systems B.V., 2012).
Furthermore, when determining the core marketing
As such, most companies ensure that they focus on the market and specifically their customer. This is because the customer provides the market for the products made. In a highly competitive world such as todays, it is important to create a competitive advantage
Coca-Cola, Dettol, Dove. These fast moving consumer goods are the essential items we purchase when we go shopping and use in our everyday lives. Theyre the household items you pick up when youre buying groceries or visit your local chemist or pharmacy. FMCG
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